Australia's housing affordability increases, Sydney housing prices are still the most expensive
Sydney Today, February 2, Australian Eastern Time, a housing group pointed out that salary increases and interest rate cuts have increased the affordability of housing in most Australian cities, but the affordability of housing prices in Sydney is still the lowest.
Affected by the fall in housing prices and the policy of interest rate cuts at the end of last year, Brisbane’s housing affordability is the highest in Australia. HIA-Commonwealth Bank Housing Affordability Data shows that Brisbane’s housing affordability was in the fourth quarter An increase of 7.9%. Housing affordability in Sydney and Melbourne has improved, with an increase of about 3% to 4%, but data shows that Sydney housing prices are still the most expensive in the country.
HIA senior economist Andrew Harvey said: “The affordability of housing in Australia’s major cities has increased in the fourth quarter of last year, which means that buyers who intend to enter the housing market are facing a more favorable environment.” In 2011, the national housing prices were available. Affordability increased by 8.3%. Harvey predicts that after the Reserve Bank announced interest rates to stabilize, other Australian commercial banks decided to raise interest rates. The impact of this decision on the housing market will be reflected in the first quarter of this year, and housing affordability across the country will increase.
HIA data shows that in the most recent quarter, Australians’ weekly wages increased by 0.5% and their mortgage rate fell by 2.25%. Housing affordability in Perth increased by 4.1%, Hobart was 3.1%, Canberra was 6.1%, and Adelaide was down 3.6%.